Indian Kanoon - Search engine for Indian Law

In regard to the payment to Shri Rupesh D. Sheth, it was submitted that since Mr. Choksi had confirmed the receipt of the amount by way of adjustment, the payment is to be accepted as genuine. Relevant details were furnished. Alternatively, it was argued that if sub-brokerage is not to be allowed, the amount in question may be considered as loss and the same should be allowed.

18. The last ground relates to the disallowance out of travelling expenses, general and staff welfare expenses at Rs. 10, 000 each. Shri Dastur submitted that this point was argued and details were submitted before the CIT(A), despite he dismissed this ground by putting the remark "not seriously contended". According to the learned counsel, the addition is without any basis. Therefore, the amount added should be deleted from the total income.